PALO ALTO, CALIF. — StemCells, Inc., the former Rhode Island-based Cytotherapeutics, posted a profit for the first quarter of 2001.
The bitotechnology company reported a net income of $270,000, or 1 cent per diluted share, compared to a loss of $1.79 million, or 9 cents per diluted share, during the year-ago period.
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StemCells’ operating expenses were up for the quarter, to $2.64 million, compared to $1.79 million during the year-ago period. Research and development expenses increased 81 percent to $1.6 million. General and administrative expenses increased 52 percent, to $1 million, the company said.
StemCells’ increased income was primarily due to the sale of a portion of its in investment in Modex Therapeutics. StemCells sold shares of Modex for some $5.2 million. The sale of the stock was offset by StemCells’ increased operating expenses, the company said.
